Price:   1.0580

Bias:     I feel the risk is for a choppy day - with 1.0600-05 and 1.0524-30 important levels

Daily Bullish:

This is turning into a rather messy decline and I still feel we should either wait for the 1.0524-30 area to look for bullish trade set ups or a clear break above 1.0600-05 and preferably yesterday's 1.0637 high. Once this short term confusion is clarified it does look as if we're going to see gains that on breaks of 1.0637 & the 1.0660 high should extend through to 1.0723 and 1.0776 at least. I suspect it should even reach 1.0807-42.

MT Bullish:

24th March:            This is beginning to look more bullish and if a bullish trade set up occurs around the 1.0524-30 area then it should be take for gains to push back to 1.0660-80 and then 1.0776 & 1.0807-42 en route the 1.0897 high and above.

Daily Bearish: 

I feel we are seeing a decline in some messy wedge-like structure and while 1.0600-05 caps this should lead to a move down to the 1.0524-30 area. However, take care as this could be the limit of any move. Only below the 1.0506 low would cause any concern and suggest a much larger bearish structure that would imply losses to the 1.0430-1.0460-74 area at least - initially. Below there is 1.0402 and the 1.0373 corrective low.

MT Bearish:

 24th March:        The 1.0506 low has held and becomes a crucial support I feel. Still keep in mind the 1.0460-74 area but if this breaks the overall structure will become more bearish - however, make sure that EURUSD also sees gains… which itself looks unlikely.

For a full description of how to use the analysis please see the Analysis page of my website. The prior day's set ups for potential trading levels highlighted in the report are available on the Daily Forecast page of my web site in the Trader Package review. (+60 pips)